LONDON--Interval Leisure Group (ILG) and CLC World Resorts & Hotels have entered into a definitive agreement to establish a joint venture resort management company that will be based in the United Kingdom.

The new entity, VRI Europe Limited, will acquire CLC World’s European shared ownership management business for approximately $85.6 million and equity, which will result in a 75.5% ownership stake for ILG.

VRI Europe will manage 21 resorts with more than 1,500 units in the U.K., Spain, France and Portugal. The closing is expected to take place in the fall, subject to the satisfaction of customary conditions and regulatory requirements.

“This joint venture is consistent with ILG’s strategy to be a leader in management services to the global, non-traditional hospitality market,” Craig M. Nash, ILG’s chairman, president, and CEO, said in a statement. “The creation of VRI Europe provides a tremendous opportunity to expand our footprint in the shared ownership management space and collaborate with one of Europe’s most successful resort developers.”